THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP - January 7, 2011

As we look at today’s set up for the S&P 500, the range is 16 points or -0.77% downside to 1264 and 0.48% upside to 1280. Equity futures are trading below fair value in a continuation of Thursday's retreat prompted by disappointing Dec retail sales data and ahead of today's employment data and Bernanke testimony to the Senate Budget Committee.

Best Buy will offer its take on the holiday season with a sales release pre-mkt

Blackstone in exclusive talks to buy London’s Chiswick Park office complex for ~$740m including debt, the Financial Times reports, without saying where it got the information

Obama names William Daley as his White House chief of staff as part of a series of moves to keep the administration’s focus on the economy, improve relations with business and deal with a divided government.

Today Obama will name Gene Sperling to lead National Economic Council.

KB Home will provide a window into the housing market as it reports 4Q results.

Amgen (AMGN) and Xencor will collaborate to develop an

autoimmune disease antibody

Borders Group (BGP) US in talks with Jefferies on restructuring, CNBC says, citing WSJ

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